"We have received the licence from RBI to start our NBFC. We will start financing pre-owned cars from January 2012," Volkswagen Finance India Board's Chairman Joern Achim Kurzrock said.

"India being one of the fastest-growing economies, Volkswagen Finance wants to position itself in the market as a mobility provider with products which fully respect the needs of VW, Skoda and Audi customers. Our focus is to support the sales of our branded vehicles to customers," he said.

The company feels that there is huge chances of growth in the pre owned car financing domain.

"We feel demand for pre-owned cars is good in the Indian market and we want to bank on the opportunity," Kurzrock said.